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Tuition Fees

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setmefree2
setmefree2 Posts: 9,072 Forumite
Mortgage-free Glee!
in Student MoneySaving
Hi :santa2:


Have any of you knowledgable posters seen any good articles on the how the new tuition fees system will operate? In particular I'm looking for details on interest rates and stuff to do with maintenance loans.

I'm trying to work out whether it's worth taking out a student loan at all or whether it's just worth paying the fees up front.

Thanks

smf2
«1

Comments

  • lemonjelly
    lemonjelly Posts: 8,014 Forumite
    1,000 Posts Combo Breaker Mortgage-free Glee!
    When are you thinking of going to university? September 2011? Or later?
    It's getting harder & harder to keep the government in the manner to which they have become accustomed.
  • misskool
    misskool Posts: 12,832 Forumite
    10,000 Posts Combo Breaker
    I've moved your thread from the debate the economy board to the students board where there are some posters with more knowledge.
  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    lemonjelly wrote: »
    When are you thinking of going to university? September 2011? Or later?

    Ha Ha lemonjelly it's not for me (I wish) it's for my son who (fingers crossed) will be going Sept 2012. Sadly, he will be one of the first lot to pay the raised fees.

    I am trying to find out if it is worth paying the fees out of savings as the loans look expensive and (possibly) there may be penalties paying them off early. I have found one article on the BBC about how the system will work but wondered if anyone had seen anything else...
  • lemonjelly
    lemonjelly Posts: 8,014 Forumite
    1,000 Posts Combo Breaker Mortgage-free Glee!
    misskool wrote: »
    I've moved your thread from the debate the economy board to the students board where there are some posters with more knowledge.

    :D

    misskool - I work in a college advising on this....:D
    It's getting harder & harder to keep the government in the manner to which they have become accustomed.
  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    misskool wrote: »
    I've moved your thread from the debate the economy board to the students board where there are some posters with more knowledge.

    That's a shame 'cos I already posted on there already;) :rotfl:


    Now they're going to think I'm very strange...... smoking-smiley-5437.gif
  • lemonjelly
    lemonjelly Posts: 8,014 Forumite
    1,000 Posts Combo Breaker Mortgage-free Glee!
    Big part of it will depend on expected earnings (& also how quickly earnings rise).
    In essence, no repayments until wages reach £21k a year (this earnings limit will rise annually in line with inflation).

    After 20 years, the balance is written off!
    It's getting harder & harder to keep the government in the manner to which they have become accustomed.
  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    Thank you lemon jelly - what I'm trying to find out is what interest rate the loan attracts from the student receiving it to them earing £21k - is it RPI?
  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    lemonjelly wrote: »
    After 20 years, the balance is written off!

    Sadly, it's 30 years!:(
  • lemonjelly
    lemonjelly Posts: 8,014 Forumite
    1,000 Posts Combo Breaker Mortgage-free Glee!
    setmefree2 wrote: »
    Sadly, it's 30 years!:(

    I could've sworn all the info I've seen said 20 years.
    IIRC the interest rate is 1.5%.
    It's getting harder & harder to keep the government in the manner to which they have become accustomed.
  • JJ_Egan
    JJ_Egan Posts: 20,281 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    May help .
    http://www.factsonfees.com/

    jje
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